Developing Domestic Debt Markets

Source details

Training Program presented by the Monetary and Capital Markets Department.
Focus: development of local government bond markets in middle and lower-income countries.
Course structure is based on the Guidance Note for Developing Government Local Currency Bond Markets jointly prepared by the IMF and World Bank.
Emphasis on interlinkages among market building blocks and on using metrics for outcome and policy indicators to undertake self-assessments of market development stages, identify gaps, and key constraints.

Target Audience: Officials from debt management offices, central banks, and regulators that deal with topics related to the securities markets in middle and lower-income countries.
Qualifications: Participants are expected to have a degree in economics or finance, or equivalent experience.

Core building blocks covered:
- Money Market
- Primary Market
- Secondary Market
- Investor Base
- Legal and Regulatory Framework
- Market Infrastructure
Training components:
- Analysis of the relevant macro-financial environment that affects market development.
- Exploration of the interlinkages and challenges across building blocks.
- Use of a set of metrics on outcome and policy indicators to support participant self-assessments.

Describe the importance of connected markets for the development of the government bond market.
Assess the main challenges to deepening a local debt market.
Formulate effective policies and practices for the money and government bond markets that support market development.
Explain the need for stakeholder coordination with a range of government agencies and market participants.
Develop effective investor relations practices and diversification of the investor base.
Undertake a self-assessment on the stage of market development to identify gaps and key constraints.